Data protection is a great business to be in. There’s always fresh data to protect, every day in fact, and threats like ransomware to contend with. Customers stick with their backup provider like glue.

There are more than 4,000 Druva customers, including 10 per cent of the Fortune 500. That means there’s 90 per cent to go for.

By offering cloud-based protection Druva enables its users to do away with on-site equipment. The VCs are likely thinking that, as public cloud use grows, Druva’s business should grow with it. They like the protection song that Jaspreet Singh, founder and CEO of Druva, is singing and want to join the chorus.

Total funding for the business, founded in 2008, is now $328m. This round was led by new investor Viking Global Investors, along with Neuberger Berman and Atreides Management, and existing investors Riverwood Capital, Tenaya Capital, and Nexus Venture Partners.

How big is a Unicorn?

A Druva source tells us: “With this round, we have crossed the $1bn valuation mark,” which makes Druva a so-called Unicorn startup.

He said: “Druva is approaching $100M in annually recurring revenue…our cloud workloads business is growing more than 50 per cent year-on-year for the last three years. The adoption of cloud continues unabated and the market is turning our way, setting the stage for exciting years to come.”

Druva will spend the VC cash on world-wide expansion, marketing and sales as well as product development, where a technology acquisition is on the horizon.

Our Druva source said: ‘”In early July, we will be announcing the acquisition of CloudLanes. The company…has focused on enabling enterprises to more easily move data from on-premises to any cloud, between clouds, and utilise software from any cloud to enhance the integrity of their data.”

The global expansion includes Europe where Nick Turner has been hired as VP of sales for EMEA to expand Druva’s presence in the region. Within EMEA the UK is a key geography for Druva in the next 12 months.

Bill Losch, the CFO of Okta, has joined Druva’s board of directors. Druva said Okta is the No.1 SaaS-based security solution in the market right now. Datera CEO Guy Churchward is also on Druva’s board.